Kakao Pay Adds 'Information Services' to Business Scope, Signaling Stablecoin Push

Kakao Pay is moving to add a new business purpose tied to stablecoins, a step seen as an early bid to secure a foothold in issuance and distribution ahead of the passage of a second-phase digital-asset bill.

According to the financial sector on the 13th, Kakao Pay will propose adding “other information services” to its stated business purposes at a shareholders meeting scheduled for March 23.

The change is widely viewed as preparation to build a next-generation digital wallet that can hold, trade and exchange a range of digital assets. In the second-stage virtual-asset legislative process, the Democratic Party task force and the Financial Services Commission agreed to diversify stablecoin issuers beyond a bank-centered model, opening a path for fintech companies to take a leading role.

Kakao Pay, along with Naver, has been cited as a likely major beneficiary of a stablecoin system. If a won-denominated stablecoin is introduced, it could support demand tied to overseas direct purchases and payments by foreign customers for fandom goods, while also reducing financial costs, the report said.

As major banks and card companies build stablecoin cooperation frameworks, Kakao Pay is preparing at the group level. Kakao Pay CEO Shin Won-geun is leading the group’s stablecoin task force and driving coordination among affiliates. KakaoBank is expected to handle regulatory 대응 and build account-based trust infrastructure, while Kakao Pay focuses on payments and settlements. Kakao Pay has previously pursued blockchain-based identity verification services, giving it relatively strong familiarity with blockchain technology. Kakao is exploring service expansion across its platform ecosystem, with potential applications in commerce, entertainment, content and mobility, the report said.

Kakao Pay has steadily expanded its business purposes to strengthen competitiveness in both nonfinancial and financial areas. In 2022 it added personal credit information management, specialized personal credit rating, and postpaid payment and lending work. In 2023 it added online brokerage for the sale of goods and services, and in 2024 it added location information and location-based services.

The expansion helped Kakao Pay reach profitability for the first time last year. Operating profit totaled 42.7 billion won, marking its first operating profit since the company launched in 2017 and ending nine years of operating losses. Net profit also turned positive at 41.0 billion won. Payment-service revenue rose 5.74% from a year earlier to 518.1 billion won. Over the same period, financial-services revenue climbed 58% to 387.9 billion won, and platform-services revenue rose 62% to 52.2 billion won.

If stablecoin-related business is added, Kakao Pay’s growth engine could strengthen further. According to the securities industry, Kakao Pay’s operating profit is projected at 128.0 billion won this year, 260.0 billion won in 2027 and 586.3 billion won in 2028.